FED and FFIEC announced regulatory reporting relief to financial institutions due to disruptions caused by the COVID-19. FED will not take action against a financial institution with USD 5 billion or less in total assets for submitting its March 31, 2020 Consolidated Financial Statements for Bank Holding Companies (FR Y-9C) after the official filing deadline, as long as the applicable report is submitted within 30 days of the official filing due date. Similarly, FFIEC announced that federal banking agencies will not take action against any institution for submitting its March 31, 2020 Call Reports after the respective filing deadline, as long as the report is submitted within 30 days of the official filing date. Institutions are encouraged to contact their Reserve Bank/primary federal regulator in advance of the official filing deadline if they anticipate a delayed submission.
Additionally, US Agencies (CFPB, FDIC, FED, NCUA, and OCC) issued a joint statement encouraging banks, savings associations, and credit unions to offer responsible small-dollar loans to consumers and small businesses in response to COVID-19. The statement recognizes that responsible small-dollar loans can play an important role in meeting customers' credit needs because of temporary cash-flow imbalances. Such loans can be offered through a variety of structures including open-end lines of credit, closed-end installment loans, or appropriately structured single payment loans. This statement follows other actions taken by the agencies to encourage financial institutions to meet the financial services needs of their customers and members who have been affected by COVID-19. In addition to this statement, the agencies are working on future guidance and lending principles for responsible small-dollar loans to facilitate the ability of banks, credit unions, and saving associations to more effectively meet the ongoing credit needs of their customers, members, and communities.
- FED Press Release on Reporting Relief
- FFIEC Press Release on Reporting Relief
- Press Release on Small-Dollar Lending
Keywords: Americas, US, Banking, Reporting, COVID-19, FR Y-9C, Call Reports, Deadline Extension, Small Banks, Small-Dollar Lending, FFIEC, FED, US Agencies
BoE published a statistical notice (Notice 2020/9) explaining the approach for treatment of payment holidays on the profit and loss return or Form PL.
BoE updated the known issues document for the statistical reporting Forms AS and FV.
FED announced individual capital requirements for 34 large banks and these requirements go into effect on October 01, 2020.
SRB published a set of documents to give operational guidance to banks on implementation of the bail-in tool.
BIS published an update on the G20 TechSprint Initiative, which was launched in April 2020 and aims to highlight the potential for technologies to resolve regulatory compliance (regtech) and supervisory (suptech) challenges.
OSFI published a letter that provides an update on the milestones for the implementation of the IFRS 17 standard on insurance contracts.
EBA updated the report on the implementation of selected COVID-19 policies.
The Financial Stability Institute (FSI) of BIS published a brief note that examines the supervisory challenges associated with certain temporary regulatory relief measures introduced by BCBS and prudential authorities in response to the COVID-19 pandemic.
BCBS is consulting on the principles for operational resilience and the revisions to the principles for sound management of operational risk for banks.
BoE updated the reporting template for Form ER as well as the Form ER definitions, which contain guidance on the methodology to be used in calculating annualized interest rates.